LAHORE: The rate of 24-karat gold per tola in Saudi Arabia on Saturday, November 23, rose to 3,800 Saudi Riyals (SAR).
As reported by forex.pk, the price for 10 grams of 24-karat gold is currently set at SAR 3,262 in the kingdom, while the price per ounce of gold is recorded at SAR 10,145.
It is important to note that gold prices fluctuate globally, including in Saudi Arabia, and there may be variations in this report as the prices were last updated at 10:26 AM on November 23, 2024.
Related Link: Gold imports increase by 19.82pc in 4 months
Gold, a timeless asset shaping economies
Gold, a precious metal prized for centuries, continues to play a significant role in the global economy. Its value lies in its rarity, durability, and universal appeal.Gold is often seen as a safe haven asset, preserving wealth during economic uncertainties.
Central banks and investors hold gold reserves to diversify portfolios and hedge against inflation and currency fluctuations.
It’s beauty and rarity make it a precious material for jewellery and luxury goods. The demand for gold jewellery drives economic activity in mining, manufacturing, and retail sectors.
While the gold standard has been largely abandoned, gold still influences monetary policy and currency exchange rates. Central banks may use gold reserves to support their currencies and maintain economic stability.In conclusion, gold plays a pivotal role in the economy.
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